Senate Hearing Grills Former Executives of Failed Silicon Valley Bank and Signature Bank.

Former CEO of Silicon Valley Bank, Greg Becker, apologized for the "devastating" collapse of the bank during a Senate banking committee hearing. He believed the bank was responsive to regulator concerns about managing risk and working to address issues before an "unprecedented" bank run led to its failure. However, regulators and banking industry executives blamed SVB's leadership for failing to manage interest rate risks or diversify the bank's business beyond the highly concentrated tech sector in the Bay Area. Signature Bank, which collapsed shortly after SVB, also appeared at the hearing and maintained that the bank could have survived had regulators not chosen to close it.